Assam government looks to tighten law against ponzi scheme

GUWAHATI: Those committing offences under the Assam Protection of Interests of Depositors (in Financial Establishments) (Amendment) Bill, 2014, will not be able to get anticipatory bail, once the state Assembly passes it.

The bill, which was introduced by the Parliamentary Affairs Minister Nilamani Sen Deka in the Assembly today, proposed that no court shall grant anticipatory bail to anyone committing an offence under this Act.

The Bill proposed to include a new section in the Act which stated: "Notwithstanding anything contained in section 438 of the Code of Criminal Procedure, 1973, no Court shall grant anticipatory bail to any person apprehending arrest in connection with an offence under this Act".

As per the existing provisions, any offence committed under this Act is cognizable and non-bailable.

The Bill also proposed to compound offences punishable under the Act "on payment of the entire amount due to the depositors with or without interest".

"Where an offence has been compounded..., no proceeding or further proceeding, as the case may by, shall be taken or continued against the offender, in respect of the offence so compounded and the offender, if in custody, shall be discharged forthwith," the Bill said while adding this clause.